Wells Fargo & Company Cuts Everest Group (NYSE:EG) Price Target to $343.00

Everest Group (NYSE:EG) had its price target lowered by Wells Fargo & Company from $383.00 to $343.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other research firms also recently commented on EG. Citigroup assumed coverage on Everest Group in a report on Wednesday, August 13th. They issued a “neutral” rating and a $362.00 price objective for the company. Keefe, Bruyette & Woods increased their price target on Everest Group from $405.00 to $416.00 and gave the company an “outperform” rating in a research note on Wednesday, August 6th. Weiss Ratings restated a “hold (c)” rating on shares of Everest Group in a research note on Wednesday, October 8th. Cantor Fitzgerald upgraded Everest Group to a “hold” rating in a research note on Wednesday, August 13th. Finally, Raymond James Financial set a $375.00 price target on Everest Group and gave the company an “outperform” rating in a research note on Monday, September 22nd. Five research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $374.14.

Everest Group Trading Up 1.9%

NYSE EG opened at $315.10 on Wednesday. The company has a market cap of $13.22 billion, a PE ratio of 24.00, a PEG ratio of 0.25 and a beta of 0.48. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.24. Everest Group has a 12 month low of $302.44 and a 12 month high of $392.78. The stock has a 50 day moving average of $343.06 and a 200-day moving average of $341.30.

Everest Group (NYSE:EG) last released its quarterly earnings data on Monday, October 27th. The company reported $7.54 EPS for the quarter, missing the consensus estimate of $13.39 by ($5.85). The company had revenue of $4.32 billion during the quarter, compared to analyst estimates of $3.86 billion. Everest Group had a net margin of 3.12% and a return on equity of 3.81%. The company’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the company posted $11.80 EPS. On average, equities research analysts anticipate that Everest Group will post 47.93 EPS for the current fiscal year.

Everest Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Wednesday, September 3rd were given a dividend of $2.00 per share. The ex-dividend date was Wednesday, September 3rd. This represents a $8.00 annualized dividend and a yield of 2.5%. Everest Group’s dividend payout ratio (DPR) is presently 60.93%.

Insider Buying and Selling at Everest Group

In other news, Director William F. Galtney, Jr. acquired 11,385 shares of the stock in a transaction on Wednesday, October 29th. The shares were purchased at an average price of $307.38 per share, for a total transaction of $3,499,521.30. Following the transaction, the director directly owned 45,491 shares of the company’s stock, valued at approximately $13,983,023.58. This represents a 33.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Allan Levine acquired 3,100 shares of the stock in a transaction on Wednesday, October 29th. The shares were purchased at an average price of $306.08 per share, for a total transaction of $948,848.00. Following the transaction, the director directly owned 4,153 shares in the company, valued at approximately $1,271,150.24. This trade represents a 294.40% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in EG. Truist Financial Corp grew its holdings in shares of Everest Group by 16.9% during the 1st quarter. Truist Financial Corp now owns 108,596 shares of the company’s stock worth $39,456,000 after purchasing an additional 15,660 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Everest Group by 12.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 172,718 shares of the company’s stock worth $62,753,000 after purchasing an additional 18,780 shares in the last quarter. DAVENPORT & Co LLC grew its holdings in shares of Everest Group by 17.1% during the 1st quarter. DAVENPORT & Co LLC now owns 22,874 shares of the company’s stock worth $8,311,000 after purchasing an additional 3,344 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Everest Group by 7.9% during the 1st quarter. Principal Financial Group Inc. now owns 55,123 shares of the company’s stock worth $20,028,000 after purchasing an additional 4,021 shares in the last quarter. Finally, World Investment Advisors grew its holdings in shares of Everest Group by 72.0% during the 1st quarter. World Investment Advisors now owns 1,827 shares of the company’s stock worth $664,000 after purchasing an additional 765 shares in the last quarter. Institutional investors own 92.64% of the company’s stock.

Everest Group Company Profile

Everest Group, Ltd., through its subsidiaries, provides reinsurance and insurance products in the United States, Europe, and internationally. The company operates through two segment, Insurance and Reinsurance. The Reinsurance segment writes property and casualty reinsurance; and specialty lines of business through reinsurance brokers, as well as directly with ceding companies in the United States, Bermuda, Ireland, Canada, Singapore, Switzerland, and the United Kingdom.